NorthWestern to Raise up to USD100 Million in Public offering of Shares

Published: Sep 06 2017
Deal Summary

NorthWestern Corporation (dba NorthWestern Energy), a power utility company, has announced a public offering of shares through at-the-market equity offering, for aggregate gross proceeds of up to USD100 million.

Under the terms, sales of shares of common stock of NorthWestern will be made by means of ordinary broker transactions on the New York Stock Exchange or otherwise at market prices, in block transactions, or as otherwise agreed with the sales agents, and will be made by only one sales agent on any given day. The company has no obligation to sell any shares and may at any time suspend solicitation and offers under the agreement or terminate the agreement.

Bank of America Merrill Lynch and JPMorgan Chase & Co. are acting as sales agents, while Jones Day is acting as legal advisor to the company for the offering. Each sales agent will receive from the company a commission of up to 2% based on the gross sales price per share for any shares sold to or through it.

The company intends to use the net proceeds to fund capital expenditures, help repay or refinance debt and for other general corporate purposes.

Deal History:

Filing: On February 17, 2015, NorthWestern filed registration statement with the US Securities and Exchange Commission for public offering of securities, including first mortgage bonds, preferred stock, depositary shares representing preferred stock and common stock.

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